Synaptogenix raises $15M from existing investors in private placement of preferred stock and warrants

TAO Synergies Inc.

Gross proceeds of $15M from sale of Series B convertible preferred stock (initial conversion at $7.75/share) and warrants.
Warrants to acquire up to 1,935,485 shares at $7.75; 5-year term; conversion price ~25% premium to prior close.
Closing expected Nov 21, 2022; net proceeds for general corporate purposes.
CEO cites strengthening balance sheet ahead of topline Phase 2 Alzheimer's trial results expected in December 2022.
Preferred shares carry 7% annual dividend, redeemable in 15 monthly installments starting April 2023.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

TAO Synergies Inc. entered into Securities Purchase Agreement with certain accredited investors valued at $15 million (effective 2022-11-17).

Action: entry
Agreement: equity purchase
Counterparty: certain accredited investors
Value: $15 million
Effective: 2022-11-17

Exact text from the filing

On November 17, 2022, Synaptogenix, Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain accredited investors (the “Investors”), pursuant to which it agreed to sell to the Investors (i) an aggregate of 15,000 shares of the Company’s newly-designated Series B convertible preferred stock with a stated value of $1,000 per share, initially convertible into up to 1,935,485 shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) at a conversion price of $7.75 per share (the “Preferred Shares”), and (ii) warrants to acquire up to an aggregate of 1,935,485 shares of Common Stock (the “Warrants”) (collectively, the “Private Placement”).

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TAO Synergies Inc. filing history →

Source: SEC EDGAR

accession 0001104659-22-120092

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